R&R Ice Cream has named former PepsiCo and Reckitt Benckiser executive Daniel Martinez as the new CFO of the UK-based business.
Martinez will join R&R Ice Cream on 1 August, replacing Andy Finneran, who is retiring at the end of the year after 25 years with the company.
The change in CFO comes just weeks after R&R Ice Cream announced plans to put its business into a venture with Nestle, although the deal is awaiting regulatory approval.
“The timing of Daniel’s appointment and Andy’s retirement allows us to implement a full induction and handover and gives Daniel plenty of time to familiarise himself with our ice cream business and our approach of sell more, buy better and manage cost,” CEO Ibrahim Najafi said.
Martinez’s most recent role has been with Almirall, a Spanish international pharmaceutical business where he is the CFO. He worked for PepsiCo between 2001 and 2006, including 18 months as finance director for the Lay’s maker’s operations in Iberia. Martinez spent over two years as finance director for Reckitt Benckiser’s operations in south-western Europe before joining Almirall in 2008.
Finneran’s association with R&R Ice Cream started in 1991, when he joined UK ice cream business Treats, which, seven years later, merged with local peer Richmond Foods. R&R Ice Cream was formed in 2006, when private-equity firm Oaktree Capital Management bought Richmond, combined it with German ice-cream firm Rocadin and renamed the business. Oaktree sold R&R Ice Cream to fellow private-equity group PAI Partners in 2013.
In April, R&R Ice Cream announced plans to set up an international ice cream venture with Nestle. The venture, still subject to regulatory approval, is to be called Froneri. It will incorporate all of R&R Ice Cream’s operations, which will combine with the bulk of Nestle’s ice cream business. Nestle and PAI Partners will have equal equity stakes in Froneri.
At the time of the announcement, the companies said Najafi had been lined up to be the CEO of Froneri, with Luis Cantarell, executive vice president for Nestle’s operations in Europe, the Middle East and north Africa, set to be chair of the board. No announcement had been made on whether Froneri would have a CFO and R&R Ice Cream declined to comment when asked today if there were any plans to have the position at the venture.
Finneran said: “This has been an incredible journey and it has been a privilege to work in such a continually successful business over the last 25 years with a very talented team of people and friends. It feels like the right time to pass the baton on to someone younger to help the joint venture achieve their goal and I’m sure Ibrahim and the team will keep the success going.”